Estimating Equilibrium Exchange Rates for Armenia and Georgia - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Estimating Equilibrium Exchange Rates for Armenia and Georgia write by Omar Al Shehabi. This book was released on 2008-04-01. Estimating Equilibrium Exchange Rates for Armenia and Georgia available in PDF, EPUB and Kindle. The significant real exchange rate appreciation in Armenia and Georgia since 2003, coupled with persistent current account deficits, raises the question of whether real exchange rates have become overvalued. This paper seeks to identify possible exchange rate misalignment by applying the behavioral equilibrium exchange rate approach, complemented by an analysis of the traditional competitiveness indicators. The results indicate an undervaluation of the Armenian dram and no significant misalignment of the Georgian lari in 2006.
Estimating Equilibrium Exchange Rates for Armenia and Georgia
Estimating Equilibrium Exchange Rates for Armenia and Georgia - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Estimating Equilibrium Exchange Rates for Armenia and Georgia write by Shuang Ding. This book was released on 2006. Estimating Equilibrium Exchange Rates for Armenia and Georgia available in PDF, EPUB and Kindle. The paper examines the slowdown of lending by large U.S. banks over the period 2007Q3 - 2009Q2, focusing on: (i) whether capital or liquidity was the binding constraint; (ii) factors influencing banks' decision to hold capital; and (iii) their pricing behavior. Using quarterly data for the largest U.S. banks, the paper finds that capital, rather than liquidity, constrained lending. Banks took actions to increase capital by slowing lending and raising profit margins, not fully passing through the Federal Reserve's interest rate cuts. Banks optimally choose capital based on the expected future demand for loans and the marginal cost of capital.
IMF Working Papers
IMF Working Papers - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook IMF Working Papers write by Omar Al Shehabi. This book was released on 2008. IMF Working Papers available in PDF, EPUB and Kindle.
Estimating the Equilibrium Real Exchange Rate
Estimating the Equilibrium Real Exchange Rate - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Estimating the Equilibrium Real Exchange Rate write by Mr. Tarhan Feyzioglu. This book was released on 1997-09-01. Estimating the Equilibrium Real Exchange Rate available in PDF, EPUB and Kindle. An equilibrium exchange rate is here defined as the level that is consistent with simultaneous internal and external balances as specified in Montiel (1996). Exogenous “fundamental” variables determining these balances are identified. Along the lines of Edwards (1994), a reduced form is estimated with the cointegration technique for Finland for the period 1975-95. The estimation produced a reasonable set of equilibrium exchange rates that appreciate with positive shocks to the terms of trade, world real interest rates, and the productivity differential between Finland and its trading partners.
Estimating Equilibrium Exchange Rates
Estimating Equilibrium Exchange Rates - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Estimating Equilibrium Exchange Rates write by John Williamson. This book was released on 1994. Estimating Equilibrium Exchange Rates available in PDF, EPUB and Kindle. The problems of exchange rate misalignments and the resulting payments imbalances have plagued the world economy for decades. At the Louvre Accord of 1987, the Group of Five industrial countries adopted a system of reference ranges for exchange rate management, influenced by proposals of C. Fred Bergstan and John Williamson for a target zone system. The reference range approach has, however, been operated only intermittently and half-heartedly, and questions continue to be raised in policy and scholarly circles about the design and operation of a full-fledged target zone regime. This volume, with chapters by leading international economists, explores one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson contributes an overview of the policy and analytic issues and a second chapter on his own calculations.
